Puffer Finance Adopts xERC20
The integration allows users to seamlessly bridge pufETH with minimal slippage and make restaking deposits from any chain.
Base commemorates one year.
Universal goes live on Arbitrum.
Puffer Finance adopts xERC20.
IRS releases revised Form 1099-DA.
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Base, a layer 2 network by Coinbase built on the OP Stack, has been live for one year. Since opening for all users, Base has surpassed $6 billion in TVL, overtaking OP Mainnet to become the second-largest rollup by locked value. Base has processed over 500 million transactions and generated over 16,000 ETH in sequencer revenue. Throughout the past year, Base has implemented upgrades like EIP-4844, RIP-7212, and enhanced data compression, which have significantly reduced transaction fees. The improvements have brought transaction costs down to as low as $0.01 for most token transfers on the network. To celebrate its first anniversary, Base released a limited-time One Year On Base NFT on Zora.
Universal, a wrapped asset protocol, is now live on Arbitrum. The protocol enables the trading of wrapped versions of non-EVM assets such as SOL, DOGE, and BTC on various chains. Universal uses a mint-and-burn mechanism to address the issues of locked liquidity, without relying on traditional bridging mechanisms. The protocol is operated by Custodians, who custody the the underlying assets, and Merchants, who serve as liquidity providers and facilitate the minting and burning. Universal aims to replicate CEX-level performance and pricing. The protocol is currently in a mainnet beta phase with initial support for 19 assets.
Puffer Finance has adopted the xERC-20 bridge token standard for its liquid restaking token, pufETH. The standard allows for seamless token bridging without requiring multiple representations of the same asset, enabling users to transfer pufETH across chains with minimal slippage. It allows Puffer to support restaking deposits from any chain. xERC-20, also known as ERC-7281, is an extension of the ERC-20 standard. It was developed by the interoperability protocol Everclear (formerly Connext Network). It enables token issuers to manage bridges, set minting limits, and authorize approved bridges to mint the same token representation, allowing protocols to maintain control over their token contracts.
The IRS has issued a revised version of Form 1099-DA, a proposed tax-reporting form that mandates digital asset brokers to report information to the IRS and provide users with a summary of taxes owed. The revision removes the need for detailed information, such as wallet addresses and transaction IDs, to be reported, which were initially required in the first draft. The IRS is open for public comment on the revised draft before it is implemented in 2025.
ACDC #139 recap
EIGEN Season 1 claims close in 1 month
ENS announces frENS day
SEC subpoenas three crypto VCs
Franklin Templeton FOBXX On Arbitrum
The onchain mutal fund tokenizes access to investments in U.S. Treasury securities via the BENJ token.
Franklin Templeton deploys a fund on Arbitrum.
Superchain members hand over their upgrade keys.
Hyperlane introduces its HYPE protocol token.
NounsDAO celebrates its third anniversary.
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Franklin Templeton launched its OnChain U.S. Government Money Fund (FOBXX) on the Arbitrum One network. The fund provides tokenized access to investments in U.S. Treasury securities and repurchase agreements, with shares trading under the ticker BENJI, maintaining a stable price of $1 per share. Available to both retail and institutional investors through the Franklin Templeton platform, BENJI currently offers a 7-day Effective Yield of approximately 5.27%. The fund has a market capitalization of over $400 million. Arbitrum One is the leading Layer 2 network by TVL with over $14.6 billion in assets. Franklin Templeton is an asset manager with over $1.5 trillion in assets under management.
Superchain members Mode Network, Zora, and Metal L2, have transferred their upgrade keys to the Optimism Security Council. The move advances the chains toward Stage 1 rollup decentralization, which is achieved once they have a functional proof scheme and a multi-sig override mechanism, such as the Security Council. The Optimism Security Council, composed of 13 members, oversees the management of upgrade keys for OP Stack chains within the Superchain. A quorum of approximately 75% of member signatures is required to execute emergency protocol upgrades. OP Mainnet has already reached Stage 1 rollup decentralization and is now progressing toward Stage 2. Base aims to activate fault proofs by the end of the year.
Interchain messaging protocol Hyperlane introduced the Hyperlane Foundation and its native protocol token, HYPE. The foundation's mission is to oversee and expand the Hyperlane network. The HYPE token aims to promote a developer-owned network, aligning the interests of users and developers. The Hyperlane Foundation will establish the Hyperlane Alliance, a group responsible for representing user interests and managing a grants program that rewards significant contributions to the protocol. Hyperlane aims to tackle the fragmentation and security challenges of bridging between rollups by facilitating seamless cross-chain arbitrary messages and contract calls.
Nouns, a generative NFT project that auctions a new NFT every 24 hours, has reached its third anniversary since launching on August 8, 2021. The project has auctioned over 1,000 NFTs, with all proceeds directed into the NounsDAO treasury, which currently holds nearly 5,000 ETH. Each Nouns NFT holder has voting rights on DAO proposals. The Nouns NFTs are in the public domain under a no-copyright reserved license, enabling anyone to create and sell derivatives.
ACDC #139 takeaways
Lighthouse v5.3.0 release
Vitalik adds M31 support to zorch
Uniswap Wallet swap issues
Clave launches clv.eth subnames
Zora Secondary Markets For NFTs
The protocol upgrade allows NFTs to be traded as ERC-20 tokens on Uniswap, creating a more efficient market for collectors.
Zora introduces secondary markets.
Arbitrum Orbit supports USDC for gas payments.
Polynomial Superchain goes live.
Candide introduces a Safe recovery module.
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Zora, an NFT tooling platform, launched a protocol upgrade that introduces secondary markets for NFTs. The release enhances post-mint value for creators and collectors by providing instant liquidity via Uniswap, creating a more efficient and liquid market for NFTs. It also features built-in secondary market rewards for creators. The default NFT mint fee has been lowered to 111 Sparks, equivalent to 0.000111 ETH. From the fee, 10% is allocated to a Uniswap liquidity pool for the NFT. The functionality is implemented through an extension of ERC-1155 called ERC20z. The standard allows NFTs to be wrapped into ERC-20 tokens or unwrapped back into ERC-1155 tokens, enabling seamless trading via Uniswap.
Arbitrum Orbit, a tech stack for deploying L2 and L3 chains, now supports bridged USDC as a custom gas token. USDC is also supported as a gas token option when deploying Orbit chains using rollup-as-a-service platforms AltLayer, Caldera, and Conduit. Arbitrum Orbit allows developers to build using WASM smart contracts, including in languages such as C++ and Rust. While chain developers can assign any ERC-20 token for gas payments, using USDC provides users with minimal price volatility, increased liquidity, and improved accessibility. Developers who use USDC for their chain’s gas token may also qualify for Circle’s USDC Grant Program, which offers up to $100,000 in funding.
Polynomial Superchain, an OP Stack chain developed by the perpetual swaps exchange Polynomial Protocol, is now live and open for deposits. Users can participate in an Initial Liquidity Event by depositing and staking USDC, sDAI, and sUSDe. Users who have earned retroactive points can claim them by making a deposit to the chain. The liquidity raised from the event will support Polynomial Trade, the protocol's flagship perpetual futures exchange. The derivatives-focused rollup features a native liquidity layer, allowing applications to access shared network liquidity. Withdrawals for the network are not yet live.
Candide Labs introduced a Social Recovery Module for Safe smart accounts, featuring ERC-4337 compatibility and support for gas payments via Paymasters. The module allows for multiple guardians, custom recovery periods, and the use of externally-owned accounts as guardians. Developers can integrate the module into their applications to enable users to set up account recovery during the account creation process.